43% of FP&A Leaders Say Business Partnership is Blocked

43% of FP&A leaders say that they could definitely improve business performance if they had time for high-value actions like business partnership. 

New data from 150+ FP&A leaders in the U.S. confirms that having more time for business partnership would free them to do things like: 

• Give more/improved analysis to stakeholders (56%)
• Improve forecast and plan accuracy + frequency (52% & 55%, respectively)
• Make more concrete recommendations on accelerating growth or improving profitability (50%)

Finance business partnership is a valuable FP&A activity. It’s the process where FP&A becomes the heart of the business, optimizing financial outcomes for the business by helping to optimize operational performance in coordination between all departments.

Plan and forecast accuracy and deeper analysis are the keys that stakeholders need for informed decision-making and those are areas where your FP&A team can shine. 

“Acting as a finance business partner, you can join together the data that is typically siloed within different systems, analyze it, and offer strategic advice that will grow the business effectively.” Brian Camposano, CEO Stratify

Why don't FP&A leaders have time for business partnership? 

The survey revealed 4 main blockers: 

1. Lack of skill needed to facilitate business partnering 

2. Lack of speed

• Inefficient manual processes 
• Inability to build scenarios quickly 

3. Lack of real-time data 

• No access to real-time operational + financial data, metrics, or KPIs

4. Collaboration challenges

• No simple way to solicit and coordinate plans 
• Lack of finance involvement in operations
• Lack of stakeholder engagement or timely input

These blockers are common struggles for finance teams. A common thread emerges from the data: skills + technology need improvement.

FP&A leaders often downplay their unique strengths and insights, but with attention and practice, they can grow in confidence to approach and engage with stakeholders. 

And modern FP&A software can solve the speed, real-time data access, and collaborative budgeting challenges that are a top concern for finance teams. (96% of survey respondents said that inadequate tools and technology limit or probably limit their team's ability to drive positive business outcomes!)

‍“If our business partners see us as a strategic advisor, we can ensure that: growth is sustainable, risks are taken smartly, and the right trade-offs between sales and profit are made.” Christian Wattig, FP&A Expert

Join the strategic conversation around finance business partnership

Dig into further results from the State of Business Partnership survey.

Experts Christian Wattig and Brian Camposano are hosting a FREE webinar on June 13, 2024 (9a PDT | 12p EDT) to dive into the data and share ways to address the top blockers with best practices and technology. 

What we'll cover:

✔  Insights from 150+ FP&A leaders - Discover the common blockers and success factors. See how you compare.

✔  How to leverage finance skills to level up and be an effective business partner.

✔  How to use new technology to reclaim time and collaborate with stakeholders.

✔  Take action. Get your questions answered by our experts in live Q&A.

Register Now!